Financial Tips from Dussehra: The festival of Dussehra is celebrated with great pomp on the last day of Navratri as the victory of light over darkness. After worshiping the nine forms of Goddess Durga for nine days, Ravana Dahan is done on the tenth day. The tradition of burning the effigies of Rakshraj Ravana, Meghnad and Kumbhakarna on Dussehra signifies the victory of good over evil. However, the message of this festival is not limited to this only, but we can all take financial lessons from it. Along with the burning of Dashanan Ravana, we all should also burn ten bad financial habits so that bad decisions and losses can be avoided.
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copying investment portfolio
The first thing that comes in bad money habits is when we start investing according to the decisions of another person instead of making a better strategy for ourselves. On the contrary, we should keep our own risk appetite, life goals and needs in mind while making our portfolio.
investment without a goal
Don’t invest your hard earned money without any goal. This is very important. Setting goals not only gives motivation but also helps in planning for the future. This goal can be for children’s education or to create an emergency fund. Before starting investment, decide your goals and then start investing accordingly. Once the goals are clear, the investment options can also be modified as per the requirement so that they can be achieved.
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spend without thinking
We all earn to meet our needs. However, this does not mean that your hard earned money should be spent without thinking. You should not spend more than 30 percent of your salary and only 30 percent should be spent on rent or food for the house. Though you can spend more on anniversaries, birthdays, festivals etc. but it should be compensated in the following months.
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Ignoring asset allocation
Invest your capital in more than one option. If the entire capital is invested in any one option, then there is a possibility of its sinking or negative return. However, it is also important to choose the options for investment carefully and keep a constant eye on them.
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Decrease in long term investment for short term
Foreign travel requires a huge amount of money. Although such short term expenses are subject to change, there should not be any change in the long term goals i.e. investment should not be reduced for short term expenses as it may affect the financial stability in future. For example, if you are investing to buy a house in the next few years, then you can continue with the fixed investment for it.
Not discussing finances with family members
Life is uncertain and at any point of time such a situation may come that you may not be able to access your investments. In such a situation, there can be a lot of problems in an emergency. In such a situation, it is important that any member of your family must be informed about it. Tell them how to access it, where to look, whom to call, who is the nominee, which shares you have bought, which mutual funds you have invested in and what are the returns expected? The family should be aware of all this.
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Not having optimum insurance cover
There must be insurance for any sudden adverse situation. This will compensate for the financial loss. In the absence of an insurance policy, the family can face a lot of financial problems and the insurance should also be optimal i.e. it should not be of very little coverage.
non-preparation of emergency fund
It is necessary to keep some money ready for emergency also. For an emergency fund, one should invest in such a place, where it can grow safely and can be withdrawn during emergency needs. Long term investments like retirement funds meet long term needs but do not have liquidity. Capital should be invested in liquid option for emergency fund which can be used only in case of emergency.
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Don’t be patient and doubtful about investing
The market is constantly fluctuating and stocks and funds are also seeing ups and downs. However, investors should be patient and should not withdraw capital in panic. It is important to keep an eye on the performance of the options you have invested in.
ignore urgent advice
If you have started investing, then at such a time you can take the advice of a trusted expert. Don’t ignore their advice. If there is any confusion regarding the investor, then definitely contact a market or financial expert and make it clear. Take any investment decision personally but it is better to take advice from experts regarding market trends.
(Article: Vikas Singhania, CEO, TradeSmart)
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